Foreign exchange fluctuation loss on capital-purpose ECB restatement is capital in nature and non-deductible.
Foreign exchange fluctuation loss on capital-purpose ECB restatement is capital in nature and non-deductible. Issue Whether foreign exchange fluctuation loss arising on the year-end restatement of an External Commercial Borrowing (ECB) utilized for capital purposes is deductible as revenue business expenditure under section 37(1). Facts The assessee-company availed an External Commercial Borrowing (ECB) from its… Read More »